Noida Authority Sends Notices to 13 Builders for Dues Worth Over Rs 8,510 Crore
Noida Authority has served notices to 13 real estate developers, including ATS, Supertech, and Logix, for dues worth over Rs 8,510 crore.
Noida AuthorityReal EstateHomebuyersDuesNoticesReal Estate NewsJun 22, 2024
Official documents showed that the 13 developers, who have been served the notices, owed over Rs 8,510.69 crore in interest and penalties to the Noida Authority -- a statutory body under the UP government -- against allotment of land. According to the Noida Authority, ATS, Supertech, and Logix group companies together owed the highest share of Rs 7,786.06 crore (or 91.48 per cent). ATS Homes owed Rs 640.46 crore, ATS Infratech (Rs 697.76 crore), ATS Heights (Rs 2,129.88 crore), followed by Supertech Realtors (Rs 2,245.81 crore), Supertech Ltd (Rs 815.73 crore and Rs 143.18 crore in two cases), while Logix Infrastructure Pvt Ltd owed Rs 446.44 crore and Logix City Developers Rs 666.80 crore, showed the notices. Others on the list were
Three C with Rs 572.51 crore in dues, followed by Celerity Infrastructure Rs 178.65 crore, Elicit Realtech (Rs 73.28 crore) and Explicit Estates (Rs 51.17 crore), Abet Buildcon (Rs 27.67 crore), as per the official notices. In the notices sent individually to the developers concerned, the Noida Authority said the UP government had issued an order on December 21, 2023, concerning legacy stalled real estate projects (following recommendations of waivers in interest and penalties by the Amitabh Kant Committee on stressed housing projects).
The authority said clause 7.1 of that order included certain group housing projects and even those under NCLT or court jurisdiction can benefit from this package \
Frequently Asked Questions
How much are the 13 developers owing to Noida Authority?
Rs 8,510.69 crore
What is the highest share of dues owed by ATS, Supertech, and Logix group companies?
Rs 7,786.06 crore (or 91.48 per cent)
What is the purpose of the notices sent by Noida Authority?
To settle the dues concerning the allotted plot under the legacy stalled real estate project policy dated December 21, 2023
What is the benefit of clearing dues for group housing developers?
It would pave the way for registry of flats in the name of home buyers, giving them the ownership rights of the property
What is the issue that has been pressing in Noida and Greater Noida for a long time?
Pending registries and delayed possession of flats
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